What’s going on with Lincoln Financial?

Stock is near 10 year lows, down 55% over the last year. They reported massive losses a few quarters ago because they apparently got their life insurance lapse assumptions completely wrong. RBC is below 400% even after selling $1B of new preferred shares. The CFO was kicked out a few months ago. In the 4th quarter, sales were way down year over year and their net income was only $6m. They also keep reporting the earnings impact of excess mortality due to COVID (3 years after the start of the pandemic) - as if this will normalize back to prepandemic levels.

Is this company an absolute dumpster fire or what is going on?

They got rid of me, so - yes.


:iatp: (Just with respect to getting rid of Tiffany. I know some good people who work there, but know very little about their business.)

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Looks ripe for a takeover. Or at least a lot of reinsurance work.

I started to tag you but wasn’t sure if you’d want that.

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They released some LDTI guidance back in Sept 22. They expect increased net income volatility going forward. The dividend yield sure is attractive, but I’m not sure what earnings are going to look like.

I’m not sure if you have any experience/knowledge with LDTI implementation, but based on a new CFO and the last few quarter’s results, I expect Lincoln is going to be reporting some crazy stuff for a few quarters.

I might be an LDTI implementation expert. True story.